FEDERAL GOVERNMENT, STATES, LOCAL GOVERNMENT SHARE 695 BILLION NAIRA FOR FEBRUARY ALLOCATION.

The Federation Accounts Allocation Committee, FAAC, has shared 695 billion, three thousand Naira to the three tiers of government as revenue for February. The FAAC Director of Information, Olajide Oshundun, disclosed in a communique on Tuesday, after a Virtual Conference that the money was shared amid plans by the Nigerian National Petroleum Corporation, NNPC, limited to deduct 242.53 billion Naira for subsidy.

From the amount, inclusive of Gross Statutory Revenue, Value Added Tax VAT, Non-Mineral Revenues and Excess Bank charges, the Federal Government received 236 billion, one hundred and seventy-seven million Naira. The states received 190 billion, and seven million Naira, the Local Government Councils got 140 billion, 612 million Naira. The oil-producing states received 23 billion, 750 million Naira as derivation which is 13% of Mineral Revenue, while Cost of Collection received 23 billion, 989 million Naira and Transfer/ Refunds got 80 billion, 498 million Naira.

Oshundun noted that the Gross Revenue available from the VAT for February 2022 was 177 billion, 873 million Naira as against 191 billion 222 million Naira distributed in the preceding month of January 2022.